********************************
** Replication data: 
** Betz and Pond, World Politics
********************************

clear all

use wp_2019_replication.dta



**********************
** Results in paper **
**********************

* Table 1
nbreg mandas_us wbgi_filled_norm democ lngdp lnpop gdp_capita CAP100 eci_value lndist lndomcredit i.year  if sample == 1 , cluster(iso3n) robust nolog 
estimates store m1
nbreg mandas_us wbgi_filled_norm democ lngdp lnpop gdp_capita CAP100 eci_value lndist lndomcredit GFDDEI01  i.year  if sample == 1, cluster(iso3n) robust nolog
estimates store m2
nbreg mandas_us wbgi_filled_norm democ lngdp lnpop gdp_capita CAP100 eci_value lndist lndomcredit lnstmktcap  i.year  if sample == 1, cluster(iso3n) robust nolog
estimates store m3
nbreg mandas_us wbgi_filled_norm democ lngdp lnpop gdp_capita CAP100 eci_value lndist lndomcredit ihs_listed  i.year  if sample == 1, cluster(iso3n) robust nolog
estimates store m4
nbreg mandas_us wbgi_filled_norm democ lngdp lnpop gdp_capita CAP100 eci_value lndist lndomcredit minority_rights  i.year  if sample == 1, cluster(iso3n) robust nolog
estimates store m5

estout m1 m2 m3 m4 m5  , cells(b(star fmt(a2)) se(par fmt(%4.2f))) starlevels( * .1 ** .05 *** .01) ///
 stats(N N_clust, fmt(0) labels("Number Obs." "Number Countries")) nolz style(tex)  drop(*year) ///
 varlabels(wbgi_filled_norm "Property rights" democ "Democracy" lngdp "GDP" gdp_capita "GDP per capita" ///
 lnpop "Population" _cons "Constant" eci_value "Economic complexity" lndomcredit "Domestic credit"  ///
 CAP100 "Capital account" lndist "Distance to US"  minority_rights "Corporate governance" /// 
 GFDDEI01 "Bank interest margin" lnstmktcap "Stock market capitalization" ihs_listed "Listed companies" )

 
* Table 2: foreign firm 
nbreg mandas_us wbgi_filled_norm democ lngdp lnpop gdp_capita CAP100 eci_value lndist lndomcredit icrg_invprofile_avg i.year if sample == 1, cluster(iso3n) robust nolog 
estimates store m1
nbreg mandas_us wbgi_filled_norm democ lngdp lnpop gdp_capita CAP100 eci_value lndist lndomcredit transparency i.year  if sample == 1, cluster(iso3n) robust nolog 
estimates store m2
nbreg mandas_us wbgi_filled_norm democ lngdp lnpop gdp_capita CAP100 eci_value lndist lndomcredit ctfp i.year  if sample == 1, cluster(iso3n) robust nolog  
estimates store m3
nbreg mandas_us wbgi_filled_norm democ lngdp lnpop gdp_capita CAP100 eci_value lndist lndomcredit bea_position i.year  if sample == 1, cluster(iso3n) robust nolog  
estimates store m4
nbreg mandas_us wbgi_filled_norm democ lngdp lnpop gdp_capita CAP100 eci_value lndist lndomcredit lnrelated i.year  if sample == 1, cluster(iso3n) robust nolog  
estimates store m5

estout m4 m5 m3 m1 m2  , cells(b(star fmt(a2)) se(par fmt(%4.2f))) starlevels( * .1 ** .05 *** .01) ///
 stats(N N_clust, fmt(0) labels("Number Obs." "Number Countries")) nolz style(tex)  drop(*year) ///
 varlabels(wbgi_filled_norm "Property rights" democ "Democracy" lngdp "GDP" gdp_capita "GDP per capita" ///
 lnpop "Population" _cons "Constant" eci_value "Economic complexity"  ///
 CAP100 "Capital account"  lndist "Distance to US" ///
 lndomcredit "Domestic credit" ctfp "Technology frontier" bea_position "US FDI" /// 
 icrg_invprofile_avg "Foreign investor protections" transparencyindex "Transparency"  lnrelated "Related party trade")

 
* marginal effect
qui {
nbreg mandas_us wbgi_filled_norm democ lngdp gdp_capita lnpop CAP100 eci_value lndist lndomcredit i.year  if sample == 1 , cluster(iso3n) robust nolog 
su wbgi_filled_norm if e(sample) == 1, de
local p10 = r(p10)
local p90 = r(p90)
}
margins, at(wbgi_filled_norm = (`p10',`p90'))
qui {
su wbgi_filled_norm
gen normalized = wbgi_filled_norm/r(sd)
nbreg mandas_us normalized democ lngdp gdp_capita lnpop CAP100 eci_value lndist lndomcredit i.year  if sample == 1 , cluster(iso3n) robust nolog 
}
margins, dydx(normalized)
 


* Table 3: 'placebo tests' 
nbreg mandas_us 	wbgi_filled_norm democ lngdp gdp_capita lnpop CAP100 eci_value lndist lndomcredit i.year  if us_bit == 0 & sample != 1  , cluster(iso3n) robust nolog
estimate store m1
nbreg mandas_us 	wbgi_filled_norm democ lngdp gdp_capita lnpop CAP100 eci_value lndist lndomcredit i.year  if us_ia == 1 & sample != 1 , cluster(iso3n) robust nolog
estimate store m2
nbreg mandas_home 	wbgi_filled_norm democ lngdp gdp_capita lnpop CAP100 eci_value lndist lndomcredit i.year  if sample == 1, cluster(iso3n) robust nolog
estimate store m3

estout m1 m2 m3  , cells(b(star fmt(a2)) se(par fmt(%4.2f))) starlevels( * .1 ** .05 *** .01) ///
 stats(N N_clust, fmt(0) labels("Number Obs." "Number Countries")) nolz style(tex)  drop(*year) ///
 varlabels(wbgi_filled_norm "Property rights" democ "Democracy" lngdp "GDP" gdp_capita "GDP per capita" ///
 lnpop "Population" _cons "Constant" eci_value "Economic complexity" ///
 CAP100 "Capital account"   lndist "Distance to US" lndomcredit "Domestic credit" ) 
 
 
 
**************
** APPENDIX **
**************

* Table A0: Summary statistics
qui nbreg mandas_us wbgi_filled_norm democ lngdp lnpop gdp_capita CAP100 eci_value lndist lndomcredit  i.year  if sample == 1 , cluster(iso3n) robust nolog 
estpost tabstat mandas_us wbgi_filled_norm democ lngdp lnpop gdp_capita CAP100 eci_value lndist lndomcredit  if e(sample) == 1,  statistics(mean sd min max count) columns(statistics)
estout, cells("mean(fmt(2)) sd(fmt(2)) min(fmt(a2)) max(fmt(a2)) count(fmt(0))") style(tex) ///
 varlabels(mandas_us "M\&As" wbgi_filled_norm "Property rights" democ "Democracy" lngdp "GDP" gdp_capita "GDP per capita" ///
 lnpop "Population" _cons "Constant" eci_value "Economic complexity" lndomcredit "Domestic credit"  ///
 CAP100 "Capital account" lndist "Distance to US"  minority_rights "Corporate governance" /// 
 GFDDEI01 "Bank interest margin" lnstmktcap "Stock market capitalization" ihs_listed "Listed companies" )

 
* Figure A1: compare samples
nbreg mandas_us wbgi_filled_norm democ lngdp gdp_capita lnpop CAP100 eci_value lndist lndomcredit i.year  , cluster(iso3n) robust nolog 
keep if e(sample) == 1
capture drop z med_*
local i = 0
foreach var of varlist wbgi_filled_norm democ lngdp gdp_capita lnpop CAP100 eci_value lndist lndomcredit {
local i = `i' + 1
capture drop z 
qui reg `var' sample , cluster(iso3n)
scalar t`i' = _b[sample]/_se[sample]
scalar b`i' = _b[sample]
scalar se`i' = _se[sample]
qui by sample, sort: su `var'
qui by sample, sort: egen med_`var' = median(`var')
qui gen z = abs(`var' - med_`var')
qui regress z sample , cluster(iso3n)
scalar m`i' = _b[sample]/_se[sample]
}


*Figure 1 
capture drop coef lower upper
gen coef = . 
gen lower = .
gen upper = .

capture drop axis
gen axis = _n/2 

forvalues i = 1/9 {
replace coef  = b`i' if axis == `i'/2
replace lower = b`i' - 1.96*se`i' if axis == `i'/2
replace upper = b`i' + 1.96*se`i' if axis == `i'/2
}

replace axis = . if lower == .


capture graph drop g1
twoway scatter axis coef if upper*lower < 0, msymbol(circle) msize(medium) mcolor(gs8)  ///
 || scatter axis coef if upper*lower > 0, msymbol(circle) msize(medium) mcolor(gs4)  ///
 || rcap lower upper axis if upper*lower < 0, horizontal msize(zero) lwidth(thick) lcolor(gs8)   ///
 || rcap lower upper axis if upper*lower > 0, horizontal msize(zero) lwidth(thick) lcolor(gs4)   ///
 legend(order(1 "no significant difference" 2 "significant difference" ) cols(1) size(small) ///
 ring(0) position(7) region(lwidth(thin)) rowgap(minuscule) yoffset(-1))  ///
 yscale(reverse) xlabel(-4 -2 0 2, labsize(medium)) ///
 ylabel(.5 "Property rights" 1 "Democracy" 1.5 "GDP" 2 "GDP per capita" 2.5 "Population" 3 "Capital account" 3.5 "Economic complexity" 4 "Distance to US" 4.5 "Domestic credit", ///
 angle(horizontal) noticks labsize(small)) ytitle("") ///
 xsize(5.5) ysize(4.5)  yscale(r(0.25 4.75)) xline(0, lpattern(dash) lcolor(gs9) lwidth(thin)) plotregion(lwidth(none)) ///
 title("No differences between samples", ///
 ring(2) position(12) size(large) box bexpand fcolor(gs16))  /// 
 name(g1) 
 
 graph export "samples.pdf", as(pdf) replace

 
* Table A1: drop zeros
nbreg mandas_us wbgi_filled_norm democ lngdp lnpop gdp_capita CAP100 eci_value lndist lndomcredit i.year  if sample == 1 & mandas_us > 0 , cluster(iso3n) robust nolog 
estimates store m1
nbreg mandas_us wbgi_filled_norm democ lngdp lnpop gdp_capita CAP100 eci_value lndist lndomcredit GFDDEI01  i.year  if sample == 1 & mandas_us > 0, cluster(iso3n) robust nolog
estimates store m2
nbreg mandas_us wbgi_filled_norm democ lngdp lnpop gdp_capita CAP100 eci_value lndist lndomcredit lnstmktcap  i.year  if sample == 1 & mandas_us > 0, cluster(iso3n) robust nolog
estimates store m3
nbreg mandas_us wbgi_filled_norm democ lngdp lnpop gdp_capita CAP100 eci_value lndist lndomcredit ihs_listed  i.year  if sample == 1 & mandas_us > 0, cluster(iso3n) robust nolog
estimates store m4
nbreg mandas_us wbgi_filled_norm democ lngdp lnpop gdp_capita CAP100 eci_value lndist lndomcredit minority_right  i.year  if sample == 1 & mandas_us > 0, cluster(iso3n) robust nolog
estimates store m5 
 
estout m1 m2 m3 m4 m5  , cells(b(star fmt(a2)) se(par fmt(%4.2f))) starlevels( * .1 ** .05 *** .01) ///
 stats(N N_clust, fmt(0) labels("Number Obs." "Number Countries")) nolz style(tex)  drop(*year) ///
 varlabels(wbgi_filled_norm "Property rights" democ "Democracy" lngdp "GDP" gdp_capita "GDP per capita" ///
 lnpop "Population" _cons "Constant" eci_value "Economic complexity" lndomcredit "Domestic credit"  ///
 CAP100 "Capital account" lndist "Distance to US"  minority_rights "Corporate governance" /// 
 GFDDEI01 "Bank interest margin" lnstmktcap "Stock market capitalization" ihs_listed "Listed companies" )

 
 
* Table A2: drop zeros, truncated regression model
tnbreg mandas_us wbgi_filled_norm democ lngdp lnpop gdp_capita CAP100 eci_value lndist lndomcredit i.year  if sample == 1 & mandas_us > 0 , difficult ll(0) cluster(iso3n) robust nolog 
estimates store m1
tnbreg mandas_us wbgi_filled_norm democ lngdp lnpop gdp_capita CAP100 eci_value lndist lndomcredit GFDDEI01  i.year  if sample == 1 & mandas_us > 0,  difficult ll(0) cluster(iso3n) robust nolog
estimates store m2
tnbreg mandas_us wbgi_filled_norm democ lngdp lnpop gdp_capita CAP100 eci_value lndist lndomcredit lnstmktcap  i.year  if sample == 1 & mandas_us > 0, difficult ll(0) cluster(iso3n) robust nolog
estimates store m3
tnbreg mandas_us wbgi_filled_norm democ lngdp lnpop gdp_capita CAP100 eci_value lndist lndomcredit ihs_listed  i.year  if sample == 1 & mandas_us > 0, difficult ll(0) cluster(iso3n) robust nolog
estimates store m4
tnbreg mandas_us wbgi_filled_norm democ lngdp lnpop gdp_capita CAP100 eci_value lndist lndomcredit minority_right  i.year  if sample == 1 & mandas_us > 0, difficult ll(0) cluster(iso3n) robust nolog
estimates store m5 
 
estout m1 m2 m3 m4 m5  , cells(b(star fmt(a2)) se(par fmt(%4.2f))) starlevels( * .1 ** .05 *** .01) ///
 stats(N N_clust, fmt(0) labels("Number Obs." "Number Countries")) nolz style(tex)  drop(*year) ///
 varlabels(wbgi_filled_norm "Property rights" democ "Democracy" lngdp "GDP" gdp_capita "GDP per capita" ///
 lnpop "Population" _cons "Constant" eci_value "Economic complexity" lndomcredit "Domestic credit"  ///
 CAP100 "Capital account" lndist "Distance to US"  minority_rights "Corporate governance" /// 
 GFDDEI01 "Bank interest margin" lnstmktcap "Stock market capitalization" ihs_listed "Listed companies" )

 
* Table A3: include zeros, zero-inflated regression model
zinb mandas_us wbgi_filled_norm democ lngdp lnpop gdp_capita CAP100 eci_value lndist lndomcredit i.year  if sample == 1 , difficult cluster(iso3n) robust nolog inflate(wbgi_filled_norm)
estimates store m1
zinb mandas_us wbgi_filled_norm democ lngdp lnpop gdp_capita CAP100 eci_value lndist lndomcredit GFDDEI01  i.year  if sample == 1 ,  difficult cluster(iso3n) robust nolog inflate(wbgi_filled_norm)
estimates store m2
zinb mandas_us wbgi_filled_norm democ lngdp lnpop gdp_capita CAP100 eci_value lndist lndomcredit lnstmktcap  i.year  if sample == 1 , difficult cluster(iso3n) robust nolog inflate(wbgi_filled_norm)
estimates store m3
zinb mandas_us wbgi_filled_norm democ lngdp lnpop gdp_capita CAP100 eci_value lndist lndomcredit ihs_listed  i.year  if sample == 1 , difficult cluster(iso3n) robust nolog inflate(wbgi_filled_norm)
estimates store m4
zinb mandas_us wbgi_filled_norm democ lngdp lnpop gdp_capita CAP100 eci_value lndist lndomcredit minority_right  i.year  if sample == 1 , difficult cluster(iso3n) robust nolog inflate(wbgi_filled_norm)
estimates store m5 
 
estout m1 m2 m3 m4 m5  , cells(b(star fmt(a2)) se(par fmt(%4.2f))) starlevels( * .1 ** .05 *** .01) ///
 stats(N N_clust, fmt(0) labels("Number Obs." "Number Countries")) nolz style(tex)  drop(*year) ///
 varlabels(wbgi_filled_norm "Property rights" democ "Democracy" lngdp "GDP" gdp_capita "GDP per capita" ///
 lnpop "Population" _cons "Constant" eci_value "Economic complexity" lndomcredit "Domestic credit"  ///
 CAP100 "Capital account" lndist "Distance to US"  minority_rights "Corporate governance" /// 
 GFDDEI01 "Bank interest margin" lnstmktcap "Stock market capitalization" ihs_listed "Listed companies" )

 

* Table A4: unimputed data
nbreg mandas_us wbgi_norm democ lngdp lnpop gdp_capita CAP100 eci_value lndist lndomcredit i.year  if sample == 1 , cluster(iso3n) robust nolog 
estimates store m1
nbreg mandas_us wbgi_norm democ lngdp lnpop gdp_capita CAP100 eci_value lndist lndomcredit GFDDEI01  i.year  if sample == 1, cluster(iso3n) robust nolog
estimates store m2
nbreg mandas_us wbgi_norm democ lngdp lnpop gdp_capita CAP100 eci_value lndist lndomcredit lnstmktcap  i.year  if sample == 1, cluster(iso3n) robust nolog
estimates store m3
nbreg mandas_us wbgi_norm democ lngdp lnpop gdp_capita CAP100 eci_value lndist lndomcredit ihs_listed  i.year  if sample == 1, cluster(iso3n) robust nolog
estimates store m4
nbreg mandas_us wbgi_norm democ lngdp lnpop gdp_capita CAP100 eci_value lndist lndomcredit minority_right  i.year  if sample == 1, cluster(iso3n) robust nolog
estimates store m5

estout m1 m2 m3 m4 m5  , cells(b(star fmt(a2)) se(par fmt(%4.2f))) starlevels( * .1 ** .05 *** .01) ///
 stats(N N_clust, fmt(0) labels("Number Obs." "Number Countries")) nolz style(tex)  drop(*year) ///
 varlabels(wbgi_norm "Property rights" democ "Democracy" lngdp "GDP" gdp_capita "GDP per capita" ///
 lnpop "Population" _cons "Constant" eci_value "Economic complexity" lndomcredit "Domestic credit"  ///
 CAP100 "Capital account" lndist "Distance to US"  minority_rights "Corporate governance" /// 
 GFDDEI01 "Bank interest margin" lnstmktcap "Stock market capitalization" ihs_listed "Listed companies" )

 
 
* Table A5: continuous polity 
nbreg mandas_us wbgi_filled_norm polity2 lngdp lnpop gdp_capita CAP100 eci_value lndist lndomcredit i.year  if sample == 1 , cluster(iso3n) robust nolog 
estimates store m1
nbreg mandas_us wbgi_filled_norm polity2 lngdp lnpop gdp_capita CAP100 eci_value lndist lndomcredit GFDDEI01  i.year  if sample == 1, cluster(iso3n) robust nolog
estimates store m2
nbreg mandas_us wbgi_filled_norm polity2 lngdp lnpop gdp_capita CAP100 eci_value lndist lndomcredit lnstmktcap  i.year  if sample == 1, cluster(iso3n) robust nolog
estimates store m3
nbreg mandas_us wbgi_filled_norm polity2 lngdp lnpop gdp_capita CAP100 eci_value lndist lndomcredit ihs_listed  i.year  if sample == 1, cluster(iso3n) robust nolog
estimates store m4
nbreg mandas_us wbgi_filled_norm polity2 lngdp lnpop gdp_capita CAP100 eci_value lndist lndomcredit minority_right  i.year  if sample == 1, cluster(iso3n) robust nolog
estimates store m5

estout m1 m2 m3 m4 m5  , cells(b(star fmt(a2)) se(par fmt(%4.2f))) starlevels( * .1 ** .05 *** .01) ///
 stats(N N_clust, fmt(0) labels("Number Obs." "Number Countries")) nolz style(tex)  drop(*year) ///
 varlabels(wbgi_filled_norm "Property rights" polity2 "Polity score" lngdp "GDP" gdp_capita "GDP per capita" ///
 lnpop "Population" _cons "Constant" eci_value "Economic complexity" lndomcredit "Domestic credit"  ///
 CAP100 "Capital account" lndist "Distance to US"  minority_rights "Corporate governance" /// 
 GFDDEI01 "Bank interest margin" lnstmktcap "Stock market capitalization" ihs_listed "Listed companies" )

 
 
* Table A6: added control variables
nbreg mandas_us wbgi_filled_norm democ lngdp gdp_capita lnpop aidgdp CAP100 eci_value lndist lndomcredit i.year  if sample == 1, cluster(iso3n) robust nolog
estimates store m1
nbreg mandas_us wbgi_filled_norm democ lngdp lnpop gdp_capita CAP100 eci_value lndist lndomcredit icrg_law_avg i.year  if sample == 1 , cluster(iso3n) robust nolog 
estimates store m2
nbreg mandas_us wbgi_filled_norm democ lngdp lnpop gdp_capita CAP100 eci_value lndist lndomcredit icrg_law_avg icrg_invprofile_avg i.year  if sample == 1 , cluster(iso3n) robust nolog 
estimates store m3
nbreg mandas_us wbgi_filled_norm democ lngdp lnpop gdp_capita CAP100 eci_value lndist lndomcredit lnmigrants i.year  if sample == 1 , cluster(iso3n) robust nolog 
estimates store m4
nbreg mandas_net wbgi_filled_norm democ lngdp lnpop gdp_capita CAP100 eci_value lndist lndomcredit i.year  if sample == 1 , cluster(iso3n) robust nolog 
estimates store m5

estout m1 m2 m3 m4 m5  , cells(b(star fmt(a2)) se(par fmt(%4.2f))) starlevels( * .1 ** .05 *** .01) ///
 stats(N N_clust, fmt(0) labels("Number Obs." "Number Countries")) nolz style(tex)  drop(*year) ///
 varlabels(wbgi_filled_norm "Property rights" polity2 "Polity score" lngdp "GDP" gdp_capita "GDP per capita" ///
 lnpop "Population" _cons "Constant" eci_value "Economic complexity" lndomcredit "Domestic credit"  ///
 CAP100 "Capital account" lndist "Distance to US"  minority_rights "Corporate governance" /// 
 GFDDEI01 "Bank interest margin" lnstmktcap "Stock market capitalization" ihs_listed "Listed companies" ///
 icrg_law_avg "Rule of law (ICRG)" aidgdp "US military aid"  lnmigrants "US migrants" icrg_invprofile_avg "Foreign investor protections" )
 

* Table A7: more control variables
nbreg mandas_us wbgi_filled_norm democ lngdp gdp_capita lnpop lnnatural CAP100 eci_value lndist lndomcredit i.year  if sample == 1  , cluster(iso3n) robust nolog 
estimates store m1
nbreg mandas_us wbgi_filled_norm democ lngdp gdp_capita lnpop dollar CAP100 eci_value lndist lndomcredit i.year  if sample == 1, cluster(iso3n) robust nolog 
estimates store m2
nbreg mandas_us wbgi_filled_norm democ lngdp gdp_capita lnpop xr_pw CAP100 eci_value lndist lndomcredit i.year  if sample == 1, cluster(iso3n) robust nolog  
estimates store m3
nbreg mandas_us wbgi_filled_norm democ lngdp gdp_capita lnpop fixed CAP100 eci_value lndist lndomcredit i.year if sample == 1, cluster(iso3n) robust nolog
estimates store m4
nbreg mandas_us wbgi_filled_norm democ lngdp gdp_capita lnpop imf CAP100 eci_value lndist lndomcredit i.year  if sample == 1, cluster(iso3n) robust nolog 
estimates store m5


estout m1 m2 m3 m4 m5  , cells(b(star fmt(a2)) se(par fmt(%4.2f))) starlevels( * .1 ** .05 *** .01) ///
 stats(N N_clust, fmt(0) labels("Number Obs." "Number Countries")) nolz style(tex)  drop(*year) ///
 varlabels(wbgi_filled_norm "Property rights" polity2 "Polity score" lngdp "GDP" gdp_capita "GDP per capita" ///
 lnpop "Population" _cons "Constant" eci_value "Economic complexity" lndomcredit "Domestic credit"  ///
 CAP100 "Capital account" lndist "Distance to US"  minority_rights "Corporate governance" /// 
 GFDDEI01 "Bank interest margin" lnstmktcap "Stock market capitalization" ihs_listed "Listed companies" ///
 lnnatural "Natural resources" dollar "Dollarization" xr_pw "Exchange rate level" fixed "Exchange rate regime" imf "IMF program")

 
* Table A8: mixed, random, fixed 
menbreg mandas_us wbgi_filled_norm democ lngdp gdp_capita lnpop CAP100 eci_value lndist lndomcredit i.year  if sample == 1 || iso3n: , nolog
estimates store m1
xtnbreg mandas_us wbgi_filled_norm democ lngdp gdp_capita lnpop CAP100 eci_value lndist lndomcredit i.year  if sample == 1 , re nolog
estimates store m2
xtnbreg mandas_us wbgi_filled_norm democ lngdp gdp_capita lnpop CAP100 eci_value lndist lndomcredit i.year  if sample == 1 , fe nolog
estimates store m3

estout m1 m2 m3  , cells(b(star fmt(a2)) se(par fmt(%4.2f))) starlevels( * .1 ** .05 *** .01) ///
 stats(N N_clust, fmt(0) labels("Number Obs." "Number Countries")) nolz style(tex)  drop(*year) ///
 varlabels(wbgi_filled_norm "Property rights" democ "Democracy" lngdp "GDP" gdp_capita "GDP per capita" ///
 lnpop "Population" _cons "Constant" eci_value "Economic complexity"  ///
 CAP100 "Capital account" lndist "Distance to US" lndomcredit "Domestic credit" )
 

* Table A9: econ liberalization
nbreg mandas_us wbgi_filled_norm democ lngdp lnpop gdp_capita CAP100 l.d.CAP100 eci_value lndist lndomcredit i.year  if sample == 1 , cluster(iso3n) robust nolog 
estimates store m1
nbreg mandas_us wbgi_filled_norm democ lngdp lnpop gdp_capita CAP100 lntariff l.d.lntariff eci_value lndist lndomcredit i.year  if sample == 1 , cluster(iso3n) robust nolog 
estimates store m2
nbreg mandas_us wbgi_filled_norm democ lngdp lnpop gdp_capita CAP100 lntrade l.d.lntrade eci_value lndist lndomcredit i.year if sample == 1 , cluster(iso3n) robust nolog 
estimates store m3
nbreg mandas_us wbgi_filled_norm democ lngdp lnpop gdp_capita CAP100 l.d.CAP100 lntrade l.d.lntrade lntariff l.d.lntariff eci_value lndist lndomcredit i.year  if sample == 1 , cluster(iso3n) robust nolog 
estimates store m4

estout m1 m2 m3 m4 , cells(b(star fmt(a2)) se(par fmt(%4.2f))) starlevels( * .1 ** .05 *** .01) ///
 stats(N N_clust, fmt(0) labels("Number Obs." "Number Countries")) nolz style(tex)  drop(*year) ///
 varlabels(wbgi_filled_norm "Property rights" polity2 "Polity score" lngdp "GDP" gdp_capita "GDP per capita" ///
 lnpop "Population" _cons "Constant" eci_value "Economic complexity" lndomcredit "Domestic credit"  ///
 CAP100 "Capital account" lndist "Distance to US"  minority_rights "Corporate governance" /// 
 GFDDEI01 "Bank interest margin" lnstmktcap "Stock market capitalization" ihs_listed "Listed companies" ///
 LD.CAP100 "Change capital account" lntariff "Applied tariff" ///
 LD.lntariff "Change applied tariff" lntrade "Bilateral trade openness" LD.lntrade "Change bilateral trade openness" 
 
 
* Table A10: US bond and equity
nbreg equity_us wbgi_filled_norm democ lngdp lnpop gdp_capita CAP100 eci_value lndist lndomcredit i.year  if sample == 1 , cluster(iso3n) robust nolog 
estimates store m1
nbreg equity_us wbgi_filled_norm democ lngdp lnpop gdp_capita CAP100 eci_value lndist lndomcredit GFDDEI01  i.year  if sample == 1, cluster(iso3n) robust nolog
estimates store m2
nbreg equity_us wbgi_filled_norm democ lngdp lnpop gdp_capita CAP100 eci_value lndist lndomcredit lnstmktcap  i.year  if sample == 1, cluster(iso3n) robust nolog
estimates store m3
nbreg equity_us wbgi_filled_norm democ lngdp lnpop gdp_capita CAP100 eci_value lndist lndomcredit ihs_listed  i.year  if sample == 1, cluster(iso3n) robust nolog
estimates store m4
nbreg equity_us wbgi_filled_norm democ lngdp lnpop gdp_capita CAP100 eci_value lndist lndomcredit minority_right  i.year  if sample == 1, cluster(iso3n) robust nolog
estimates store m5

estout m1 m2 m3 m4 m5  , cells(b(star fmt(a2)) se(par fmt(%4.2f))) starlevels( * .1 ** .05 *** .01) ///
 stats(N N_clust, fmt(0) labels("Number Obs." "Number Countries")) nolz style(tex)  drop(*year) ///
 varlabels(wbgi_filled_norm "Property rights" polity2 "Polity score" lngdp "GDP" gdp_capita "GDP per capita" ///
 lnpop "Population" _cons "Constant" eci_value "Economic complexity" lndomcredit "Domestic credit"  ///
 CAP100 "Capital account" lndist "Distance to US"  minority_rights "Corporate governance" /// 
 GFDDEI01 "Bank interest margin" lnstmktcap "Stock market capitalization" ihs_listed "Listed companies" )


* Table A11: `placebo' equity
nbreg equity_us 	wbgi_filled_norm democ lngdp gdp_capita lnpop CAP100 eci_value lndist lndomcredit i.year  if us_bit == 0 & sample != 1  , cluster(iso3n) robust nolog
estimate store m1
nbreg equity_us 	wbgi_filled_norm democ lngdp gdp_capita lnpop CAP100 eci_value lndist lndomcredit i.year  if us_ia == 1 & sample != 1 , cluster(iso3n) robust nolog
estimate store m2
nbreg equity_home 	wbgi_filled_norm democ lngdp gdp_capita lnpop CAP100 eci_value lndist lndomcredit i.year  if sample == 1, cluster(iso3n) robust nolog
estimate store m3

estout m1 m2 m3  , cells(b(star fmt(a2)) se(par fmt(%4.2f))) starlevels( * .1 ** .05 *** .01) ///
 stats(N N_clust, fmt(0) labels("Number Obs." "Number Countries")) nolz style(tex)  drop(*year) ///
 varlabels(wbgi_filled_norm "Property rights" polity2 "Polity score" lngdp "GDP" gdp_capita "GDP per capita" ///
 lnpop "Population" _cons "Constant" eci_value "Economic complexity" lndomcredit "Domestic credit"  ///
 CAP100 "Capital account" lndist "Distance to US"  minority_rights "Corporate governance" /// 
 GFDDEI01 "Bank interest margin" lnstmktcap "Stock market capitalization" ihs_listed "Listed companies" )

 
* Table A12: M&As and equity
nbreg joint wbgi_filled_norm democ lngdp lnpop gdp_capita CAP100 eci_value lndist lndomcredit i.year  if sample == 1 , cluster(iso3n) robust nolog 
estimates store m1
nbreg joint wbgi_filled_norm democ lngdp lnpop gdp_capita CAP100 eci_value lndist lndomcredit GFDDEI01  i.year  if sample == 1, cluster(iso3n) robust nolog
estimates store m2
nbreg joint wbgi_filled_norm democ lngdp lnpop gdp_capita CAP100 eci_value lndist lndomcredit lnstmktcap  i.year  if sample == 1, cluster(iso3n) robust nolog
estimates store m3
nbreg joint wbgi_filled_norm democ lngdp lnpop gdp_capita CAP100 eci_value lndist lndomcredit ihs_listed  i.year  if sample == 1, cluster(iso3n) robust nolog
estimates store m4
nbreg joint wbgi_filled_norm democ lngdp lnpop gdp_capita CAP100 eci_value lndist lndomcredit minority_right  i.year  if sample == 1, cluster(iso3n) robust nolog
estimates store m5

estout m1 m2 m3 m4 m5 , cells(b(star fmt(a2)) se(par fmt(%4.2f))) starlevels( * .1 ** .05 *** .01) ///
 stats(N N_clust, fmt(0) labels("Number Obs." "Number Countries")) nolz style(tex)  drop(*year) ///
 varlabels(wbgi_filled_norm "Property rights" polity2 "Polity score" lngdp "GDP" gdp_capita "GDP per capita" ///
 lnpop "Population" _cons "Constant" eci_value "Economic complexity" lndomcredit "Domestic credit"  ///
 CAP100 "Capital account" lndist "Distance to US"  minority_rights "Corporate governance" /// 
 GFDDEI01 "Bank interest margin" lnstmktcap "Stock market capitalization" ihs_listed "Listed companies" )
 
 
 
 
 
